# Table 14: ZLB Interaction with Demographics

| Variable | real_bond_10y (Full) | real_bond_10y (OECD) | inflation (Full) | inflation (OECD) |
|---|---|---|---|---|
| Z_1 | 38.551* (21.459) | 38.551* (21.459) | 31.750* (18.772) | 31.750* (18.772) |
| Z_2 | -4.804* (2.791) | -4.804* (2.791) | -4.373* (2.442) | -4.373* (2.442) |
| Z_3 | 0.164 (0.102) | 0.164 (0.102) | 0.169* (0.089) | 0.169* (0.089) |
| near_zlb | -0.766*** (0.225) | -0.766*** (0.225) | -0.157 (0.411) | -0.157 (0.411) |
| Z_1_x_near_zlb | 0.564 (0.473) | 0.564 (0.473) | -2.309*** (0.699) | -2.309*** (0.699) |
| rgdp_growth | 0.016 (0.017) | 0.016 (0.017) | -0.124** (0.051) | -0.124** (0.051) |
| inflation | -0.851*** (0.033) | -0.851*** (0.033) |  |  |
| fiscal_bal_gdp | 0.027 (0.021) | 0.027 (0.021) | 0.007 (0.036) | 0.007 (0.036) |
| kaopen | -0.944*** (0.231) | -0.944*** (0.231) | -0.898*** (0.267) | -0.898*** (0.267) |
| nfa_gdp_lag | -0.949** (0.395) | -0.949** (0.395) | 0.100 (0.369) | 0.100 (0.369) |
| output_gap |  |  | 0.284*** (0.082) | 0.284*** (0.082) |
|---|---|---|---|---|
| R² | 0.260 | 0.260 | 0.379 | 0.379 |
| N obs | 265 | 265 | 252 | 252 |
| N countries | 10 | 10 | 9 | 9 |